What happens when banks merge (here’s looking at you ANZ-Suncorp)?

When one bank absorbs another, customers may eventually find themselves dealing with a different banking brand, using new digital platforms or accessing different products and services. There can be changes to features, such as offset accounts, as well as ways repayments are calculated.

However, these changes don't necessarily happen immediately. Banks generally manage the transition over time, keeping customers informed about what they need to do.

That's what's happening with Suncorp Bank, which is gradually becoming part of ANZ.

Why is Suncorp changing to ANZ?

ANZ acquired Suncorp Bank in July 2024. The two banks are now working towards bringing their banking operations together under the ANZ brand.

Once the transition is complete, Suncorp Bank customers will use ANZ's banking products, services and digital platforms.

They'll also gain access to ANZ's broader network of banking specialists and branches, along with its technology.

What is the latest on the Suncorp–ANZ merger?

In September, Suncorp Bank announced that its 1.2 million customers would move to ANZ by June 2027.

The transition will affect everyday banking accounts, savings products and loans.

Importantly, Suncorp Bank has confirmed that some home loan terms and features will change after the move.

For example, borrowers who have made advance repayments and have money available in redraw may find their minimum repayments increase. That's because ANZ calculates minimum repayments differently from Suncorp Bank.

Additionally, Suncorp offers multiple offset accounts. ANZ will only connect one to the mortgage, which could impact the way the customer uses their account.

The specific changes will depend on the type of loan and its existing features.

Customers cannot delay or opt out of the transfer to ANZ, although they can choose to move their banking to another institution.

What should Suncorp customers do?

For now, customers can continue banking with Suncorp Bank unless they're instructed otherwise.

However, there are several sensible precautions:

• Make sure your contact details are up to date so you receive important notifications.
• Read any correspondence about changes to your home loan carefully.
• Check the Suncorp Bank Move Hub for updates.
• Be alert to scams, particularly unexpected requests for passwords, PINs or money transfers.

Customers cannot delay or opt out of the move to ANZ, although they remain free to explore alternative banking arrangements.

The move to ANZ is a good opportunity to reassess your Suncorp Bank mortgage. It is a good time to check the set up of your loan and compare it to ANZ to see if it is the right fit for you. If you'd like a second opinion on your current loan, we’re happy to take a look.